• Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Dividend Stocks Report
No Result
View All Result
Home Stock News

Surging shipping costs will drive up prices for some consumer products by 10%, new UN report finds

by
November 19, 2021
in Stock News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Dow Jones Futures: Market Rally Gains Steam; 9 Stocks To Watch

Pessimism on chip stocks is hitting a new high, and the money seems to be flowing toward software

G-7 nations to announce import ban on Russian gold as Moscow sanctions widen

Rhode Island cop arrested for assault on political opponent at abortion rights rally

A view shows a container ship in the Port of Baltimore, Maryland, November 10, 2021.

Evelyn Hockstein | Reuters

BEIJING — The global surge in container shipping rates could send consumer prices 1.5% higher over the next year, according to a report from the United Nations Conference on Trade and Development (UNCTAD).

The rate for a single shipping container has skyrocketed over the last 18 months as the coronavirus pandemic disrupted supply chains and trade channels. Routes have seen costs rise by seven times, if not more.

“UNCTAD’s analysis shows that the current surge in container freight rates, if sustained, could increase global import price levels by 11% and consumer price levels by 1.5% between now and 2023,” the UN report said Thursday.

By country, the U.S. would see consumer prices rise by 1.2%, while China would see a 1.4% increase, the report said. The analysis found that smaller countries more dependent on imports would see consumer prices rise by a much higher 7.5%.

By product, electronics, furniture, and apparel would see the greatest price increases — of at least 10% globally — due to supply chain distribution, UNCTAD said, noting containers account for 17% of total seaborne trade volume.

Some companies have chosen to send smaller products by air as a result of the soaring cargo shipping costs, although air freight tends to be more expensive.

The container shipping cost surge would also drag down growth in major economies, the analysis said.

Industrial production, a major driver of growth, is set to fall by more than 1% in the U.S. and euro area, and drop by 0.2% in China, if container freight rates rise 10% and supply chains remain disrupted, the report said.

As of late October, more than 600 container ships were stuck outside ports worldwide, twice the level at the start of the year, Swiss logistics giant Kuehne+Nagel told CNBC’s “Squawk Box Asia.” The company projected late last month that the congestion would last until at least February.

Next Post

India will scrap three controversial farm laws, Prime Minister Narendra Modi says

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Stock News

Dow Jones Futures: Market Rally Gains Steam; 9 Stocks To Watch

by
June 26, 2022
0

Post Content

Read more

Dow Jones Futures: Market Rally Gains Steam; 9 Stocks To Watch

Pessimism on chip stocks is hitting a new high, and the money seems to be flowing toward software

G-7 nations to announce import ban on Russian gold as Moscow sanctions widen

Rhode Island cop arrested for assault on political opponent at abortion rights rally

Roth IRA Contribution Rules: The 2022 Guide

How can I stop the pain and make money in this nightmarish market? BofA says this is the ‘best hope’ for bulls in 2022

Load More

All rights reserved by www.dividendstocksreport.net

  • Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.